How Credit Worthy is Your Insurance Restoration Contractor

The credit and capitalization of your Insurance Restoration Contractor is of primary importance in the timely completion of your job.

What does this mean and why should it matter to you?

Insurance Restoration Contractors who have capital (money) in their business are much better equipped to complete your job on time and on budget. They are not "Robbing Peter to Pay Paul." In today's economic climate this is of prime importance.

Contractors with little cash are working day to day, paying their bills halfheartedly which will cause problems on your job. It is important to get bank references on your contractor and actually call their references which can help ease your concerns on who you are really working with. Find out if your contractor has had liens placed on the work they have competed for non payment of bills. You do not want your project burdened with Tax liens, Mechanics liens, Labor and Material liens or unpaid bills. Working with a well capitalized reputable contractor is a must.

Work out a payment schedule with your contractor and insurance adjuster so that the project is funded by the insurance proceeds and delays are a minimum. Your draw schedule should pay for work that is completed to date. A contractors cash supplements working capital between draws on the project. On large projects your contractor will require draws at set intervals to insure all bills are paid promptly. Insurance Restoration Contractors manage the project of rebuilding your home or office but are not in the position to finance the project in total.

It is important to work with a company like Paul Davis Restoration & Remodeling who understands the entire project and all of the parts of the financial and construction equation.

Donn Peacock
Owner